Korean Car Price Hiked by 2.9 Percent
DETROIT (AP) _ Hyundai, which two months ago began selling the first South Korean automobiles on the U.S. market, on Friday announced it was raising its prices by 2.9 percent.
The South Korean automaker said it would raise the price of its Excel subcompact car by 2.9 percent to $5,195, effective May 20.
The four-door car in sedan and hatchback versions went on sale in February as the first South Korean model on the U.S. market.
The hatchback originally was marketed at $4,995. Now, a new two-door hatchback version of the Excel to be introduced in May will carry that price, said Ted Kade, spokesman for Hyundai Motor America Inc., the U.S. sales subsidiary of Hyundai Motor Co. Ltd.
The sedan price also was raised 2.9 percent to $6,245.
Kade said the price increases were intended to restore the models to a pricing structure planned originally. The two-door hatchback originally was intended to be the lowest-priced model, but production was delayed.
On March 17, Hyundai recalled the 4,000 cars it had sold by then because of a possible missing pin in the brake linkage that could cause brake failure.
U.S. sales now are more than 11,000, the company has said.